New Delhi, Mar 27 (PTI) Leading contract manufacturer Dixon Technologies signed an agreement with Signify to form a 50:50 JV for manufacturing lighting products and accessories.

"Dixon Technologies (India) has entered into a binding term sheet with Signify Innovations India to form a joint venture for carrying out the OEM (original equipment manufacturer) business of lighting products and accessories, subject to signing of definitive agreements, receipt of applicable statutory approvals and completion of customary conditions precedent," Dixon said in an exchange filing.

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Signify Innovations, formerly known as Philips Lighting, is a global leader in lighting products.

"The joint venture will undertake part of Signify's OEM orders of lighting products in India, and will also engage in OEM business of various lighting products of other brands," it said.

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Commenting on the development, Dixon Vice Chairman and Managing Director Atul B Lall said, "We see them as an ideal strategic partner that shares our core values of quality, innovation, manufacturing prowess, and customer centricity. We believe this proposed association will bolster our operational efficiency backed by Signify's process orientation and strong understanding of lighting technologies."

Signify Innovations India MD and CEO Sumit Joshi said this joint venture will manufacture high-quality competitive lighting products in India.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)